Newsroom

West Atlantic AB (publ) has during 2017 reported negative results, to a great extent due to high start-up costs caused by delayed deliveries of aircraft for the new Royal Mail contract, which is the company´s largest contract ever with revenues of around 3 billion SEK during the 5 year contract term. These delays caused the company to sub-charter aircraft from other airlines, and incur double the cost for many items during the period January-September 2017. The losses have been reported in the Q1 and Q2 interim reports, and have continued during Q3 reducing the equity and liquidity. As a consequence, the company does not fulfill the “Maintenance Test” as per September 30, 2017 as stipulated in The Terms and Conditions (published on the company’s webpage www.westatlantic.eu) of the company’s corporate bond loan.

West Atlantic Airlines, a European dedicated cargo airline specialised in mail and express freight, has agreed to lease four 737-800 Freighters from GE Capital Aviation Services (GECAS). The airline will be the first operator to take delivery of the Boeing standard-body converted freighter. GECAS launched the program and provided the prototype aircraft to Boeing in 2016.

Nordic Trustee & Agency AB (publ), in its capacity as Agent, has agreed to approve a written request for waiver by West Atlantic AB (publ) relating to the dismantling of six under-used aircraft of the model Bae ATP, which are currently subject to Transaction Security.

West Atlantic has been awarded a contract by Royal Mail Group (UK) to add additional aircraft to its network in 2017. The contract, which commences in January 2017, will run for a duration of five years and will consist of nine Boeing 737s and three British Aerospace ATP aircraft.